Alchemy Resources Uncovers Two New High-Priority Copper Targets at Yellow Mountain

Expanding the Copper Footprint at Yellow Mountain

Alchemy Resources Limited (ASX – ALY) has announced promising results from a recently completed Induced Polarisation (IP) survey at its Yellow Mountain Copper Project in New South Wales. The survey has delineated two significant new geophysical targets exhibiting strong chargeability anomalies, which are interpreted as potential extensions of the known copper mineralisation.

The IP anomalies, reaching up to 35 millivolts per volt (mV/V), are located immediately along strike and adjacent to zones where recent drilling has already intersected substantial copper mineralisation. Notably, previous drilling returned impressive intercepts including 113 metres at 1.17% copper equivalent (CuEq) and 31 metres at 1.54% CuEq, underscoring the project’s potential.

Geophysical Insights and Targeting Strategy

The inversion modelling of the IP data confirms two robust drill targets, referred to as Target 1 and Target 2, which have not yet been tested by drilling. Target 1 lies approximately 400 metres along strike from the known mineralised structure and spans about 250 metres, while Target 2 extends roughly 750 metres and is interpreted as a continuation of a synclinal fold structure. Both targets show chargeability responses consistent with sulphide mineralisation, aligning well with the existing geological and mineralisation models.

Importantly, these anomalies occur in areas previously untested by drilling and, in the case of Target 1, beneath transported cover where soil geochemical methods have been ineffective. This highlights the value of geophysical techniques in guiding exploration and prioritising drilling efforts.

Reducing Exploration Risk and Enhancing Potential

Chief Executive Officer James Wilson emphasised that the combination of strong drill results and supporting geophysical data significantly reduces exploration risk. He noted that the IP survey results provide a clearer framework for targeting follow-up drilling, increasing confidence in the potential scale of the mineralised system. The project’s polymetallic nature, with copper as a primary focus, benefits from this integrated approach.

With heritage surveys scheduled to commence in February 2026 and drill planning well advanced, Alchemy Resources is poised to test these high-priority targets in the near term. The company’s strategic focus on expanding the mineralised footprint at Yellow Mountain aligns with its broader growth ambitions in copper and base metals exploration.

Context Within Alchemy’s Portfolio

Yellow Mountain is part of Alchemy’s diverse portfolio, which includes projects across Western Australia and New South Wales. The company holds significant interests in gold, base metals, and battery metals, with a focus on advancing exploration and development. The recent IP survey results at Yellow Mountain add momentum to Alchemy’s exploration narrative, reinforcing the project’s status as a key asset.